Interesting that you feel the $950M of debt needed for this transaction is SMALL. I've never heard any debt holder say I don't mind getting burned if it is only a SMALL amount like $950M.
I haven't heard of a road show proceeding, so I assume that S&P is waiting for 3rd quater results before issuing an updated rating. Given that it was bottom junk rated at triple C before, I can't imagine the rating going any lower.
I assume that GS is going to have to sell the debt below par at this point, meaning management at Myers is going to really have to perform post-closing.
I wonder what the "value" of the comapny is now, since it was $1.07B when the deal was signed, and performance has suffered considerably. How do you support $950M of debt on assets of only $1B?